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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Correcting Losses, But 100 SMA Could Trigger Another Slide

Aayush Jindal
Aayush Jindal
4 years ago
2 mins read

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Created by industry experts and meticulously reviewed
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Ethereum nosedived from the $370 resistance zone against the US Dollar. ETH price is currently correcting losses from $345, but it is likely to face sellers near $355.

  • Ethereum is down over 3% from the $372 high and it even broke the $355 support.
  • The price is currently recovering from the $345 low, but it is well below the 100 hourly simple moving average.
  • There was a break below a crucial bullish trend line with support near $356 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is likely to face a strong resistance near the $355, $356 and $358 levels in the near term.

Ethereum Price is Facing Many Hurdles

Ethereum remained steady above the $355 resistance level and it even climbed above $365. However, ETH bulls failed to gain strength above the $370 level.

A high was formed near $372 and there was a sharp decline in ether price. There was a break below the $365 and $360 levels. The bears gained control and there was a break below a crucial bullish trend line with support near $356 on the hourly chart of ETH/USD.

The pair even spiked below the $350 support and settled below the 100 hourly simple moving average. A low is formed near the $345 level and ether is currently correcting higher. There was a break above the 23.6% Fib retracement level of the recent decline from the $372 swing high to $345 low.

Ethereum Price

Ethereum price dives below $355. Source: TradingView.com

The price is currently struggling to surpass the key $355 level (support turned resistance). The next key resistance is near the $356 level and the 100 hourly simple moving average.

The main resistance seems to be forming near the $358 level. It is close to the 50% Fib retracement level of the recent decline from the $372 swing high to $345 low. A successful break above the $355 resistance and then a follow up move above the $358 level is needed for a fresh increase.

More Losses in ETH?

If Ethereum fails to clear the $355 resistance, there are chances of more losses. An initial support on the downside is near the $350 level,

The first key support is near the $345 low, below which the price could slide towards the $335 level. Any further losses may perhaps lead the price towards the $320 support in the near term.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly recovering in the bearish zone.

Hourly RSI – The RSI for ETH/USD is currently correcting higher and it is above the 40 level.

Major Support Level – $345

Major Resistance Level – $358

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

Read more

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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